The global oleochemicals market size was US$ 20,845 million in 2021. The global oleochemicals market size is forecast to reach US$ 39,689 million by 2030, growing at a compound annual growth rate (CAGR) of 7.7% during the forecast period from 2022 to 2030.
Oleochemicals are natural chemical compounds derived from plant and animal oils that can be used as feedstock or additives in a range of industries. Petrochemicals, which are petroleum-based products, are replaced by oleochemicals. Personal care, cosmetics, medicines, nutraceuticals, coatings, adhesives, food, elastomers and sealants, and domestic and industrial cleaning all use oleochemicals.
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Factors Influencing Market Growth
The rising demand for green chemicals, increased demand from end-use industries, and easy availability of raw materials are the key factors driving the demand for oleochemicals.
The ongoing trend is to use biofuels, and the rising expansion of palm oil and kernel oil production boosts the global market growth.
Price changes in raw materials may slow down the overall market growth.
The rising use of bio-based lubricants to substitute synthetic and traditional lubricants and current advances in these chemicals have led to new applications in polymers, and bio-surfactants are forecast to offer lucrative opportunities for the global market.
Impact Analysis of COVID-19
The COVID-19 pandemic had a positive impact on the global oleochemicals market. Due to heightened health and hygiene awareness, the COVID-19 outbreak raised the demand for items such as soap and sanitizers. As a result, the demand for oleochemicals soared. Because of the panic buying of groceries and consumer products as a result of the lockdown, demand for oleochemicals, which are used in soaps and detergents as well as food and beverage applications, soared.
Regional Analysis
The Asia Pacific region garnered substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the increasing understanding of sustainable green plastics in a wide range of industries leading to the growing production of raw materials such as fatty acids and other bio-based polymeric materials. In addition, the rising use of organic products in producing Oleochemicals. Additionally, high consumers demand biodegradable products and easy access to raw materials. Countries like Indonesia and Malaysia are the world’s largest producers of oleo chemical-based products.
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Leading Competitors
The leading prominent companies profiled in the global oleochemicals market are:
Cargill, Incorporated
Twin Rivers
SABIC
Croda Industrial Chemicals
Kuala Lumpur Kepong Berhad
Evonik Industries
BASF SE
Emery Oleochemicals
Oleon N.V.
IOI Group Berhad
Wilmar International
Kao Corp.
Other Prominent Players
Scope of the Report
The global oleochemicals market segmentation focuses on Product, Application, and Region.
Segmentation based on Product
Fatty Acid
Fatty Alcohol
o Ethoxylate
o Others
Glycerol
Others
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Segmentation based on Application
Pharmaceuticals
Personal Care & Cosmetics
Food & Beverages
Soap & Detergents
Polymers
Others
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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